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Resources for Accountants

Identify the Contract with the Customer (Step 1 of ASC 606) [Video]

Often overlooked for the “sexier” steps within the 5-step model of ASC 606 Revenue from Contracts with Customers, identifying the contract with the customer in step 1 is super important. Why? Well, if you don’t have a contract, you can’t recognize revenue! And whether a contract exists is dependent on meeting certain criteria, which we cover in detail during this CPE-compliant, eLearning course (0.5 CPE) using plenty of class examples. In addition, during this online course, we cover the relevant accounting if the criteria in step 1 are not met at contract inception, as well as the requirement to combine contracts entered at or around the same time. This is the second course in our 7-part revenue recognition training series. Take our self-study eLearning course here: https://revolution.gaapdynamics.com/learn/course/internal/view/elearning/130/revenue-identify-the-contract-with-the-customer-step-1-of-asc-606 Learn more about GAAP Dynamics: https://www.gaapdynamics.com/ Check out our other online courses on the Revolution: https://revolution.gaapdynamics.com/learn/catalog Subscribe to GAAP Dynamics to see more …

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P&L Presentation Type based on your Audience (Natural Account vs. Functional) [Video]
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Resources for Accountants

P&L Presentation Type based on your Audience (Natural Account vs. Functional) [Video]

Before compiling the P&L, you need to decide on the type of presentation (based on your audience): Natural Account, Functional or Hybrid. Free P&L Template shown in video: https://thefincontroller.com/p/types-of-incomestatemet-presentation Enroll in the FP&A Academy: https://controller-academy.com/courses/fpa-academy Time Stamps: 00:00 Intro 01:28 Company Profile 02:17 1. Natural Account P&L 04:26 2. Functional P&L 05:38 3. Hybrid P&L 09:08 How To Setup in NetSuite 10:29 How To Setup in QuickBooks Online ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice

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Difference between an auditor specialist and a company or management specialist [Video]
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Difference between an auditor specialist and a company or management specialist [Video]

Rachel is looking to "close the GAAP" on the difference between an auditor specialist and a company or management specialist. Check out her quick video explanation here! If you are interested in learning more, explore our eLearning course on Using the Work of Specialists: https://www.gaapdynamics.com/product/using-the-work-of-specialists/

Entrepreneurship Mistakes from Hell | How to Start a Startup [Video]
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Resources for Accountants

Entrepreneurship Mistakes from Hell | How to Start a Startup [Video]

Embarking on the journey of entrepreneurship is akin to riding a roller coaster blindfolded—it's exhilarating, unpredictable, and fraught with potential pitfalls. While mistakes are an inevitable part of the entrepreneurial journey, some are more catastrophic than others. These "mistakes from hell" can derail even the most promising ventures, leaving entrepreneurs reeling and searching for ways to recover. Let's explore some of these missteps that have the potential to turn an entrepreneurial dream into a nightmare.